MCQOPTIONS
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MCQOPTIONS
This section includes 268 Mcqs, each offering curated multiple-choice questions to sharpen your Uncategorized topics knowledge and support exam preparation. Choose a topic below to get started.
| 251. |
Identify the Formal Legal Document, used by Insurance Companies, that provides the Details about the Product. Choose the Most Appropriate Option. |
| A. | Proposal-Form |
| B. | Proposal-Quote |
| C. | Information-Docket |
| D. | Prospectus |
| Answer» E. | |
| 252. |
In Case of --, an Insurance Company expresses the Bonus, as a Percentage of Basic Benefit and Already Attached Bonuses. |
| A. | Reversionary Bonus |
| B. | Compound Bonus |
| C. | Terminal Bonus |
| D. | Persistency Bonus |
| Answer» C. Terminal Bonus | |
| 253. |
Mr. Ramesh is Married, and wants to buy a Life Assurance Cover on His Friend's Life. Find Out, if He will be Able to do so. |
| A. | Yes, Mr. Ramesh can buy Life Assurance on His Friend's Life. |
| B. | No, Mr. Ramesh cannot buy Life Assurance on His Friend's Life, because, He is Married. |
| C. | No, Mr. Ramesh cannot buy Life Assurance on His Friend's Life, because, there is No Insurable Interest, Present. |
| D. | No, Mr. Ramesh cannot buy Life Assurance on His Friend's Life, because of the Principle of Caveat Emptor. |
| Answer» D. No, Mr. Ramesh cannot buy Life Assurance on His Friend's Life, because of the Principle of Caveat Emptor. | |
| 254. |
Which One of the Following Bodies, regulates the Insurance Companies in India? |
| A. | Reserve Bank of India (R.B.I.) and Finance Ministry, Together. |
| B. | Securities and Exchange Board of India (S.E.B.I.) and Association of Mutual Funds in India (A.M.F.I.), Together. |
| C. | Insurance Regulatory and Development Authority of India (I.R.D.A.I.) |
| D. | Finance Ministry |
| Answer» D. Finance Ministry | |
| 255. |
Which One of the Following Statements, is Correct? |
| A. | The Prime Purpose of Insurance-Regulation, is, To Protect the Policy- Holders' Interests. |
| B. | Regulations, made by Insurance Regulatory and Development Authority of India (I.R.D.A.I.), are, to ensure that, Insurance- Companies should exist, Not as Financially Sound Organisations, but, as Socially Responsible Organisations. |
| C. | Insurance is an Absolutely Legal Contract, in Compliance with the Provisions of Indian Contract Act and Other Laws of the Country. |
| D. | Insurance Regulatory and Development Authority of India (I.R.D.A.I.) regulates the Companies from their Registration on- wards, and monitors All their Major Activities, like, Investments, Accounting, etc. |
| Answer» B. Regulations, made by Insurance Regulatory and Development Authority of India (I.R.D.A.I.), are, to ensure that, Insurance- Companies should exist, Not as Financially Sound Organisations, but, as Socially Responsible Organisations. | |
| 256. |
Who among the Following, are Not Regulated by Insurance Regulatory and Development Authority of India (I.R.D.A.I.)? |
| A. | Third-Party Administrators (T.P.A.s) |
| B. | Insurance Brokers |
| C. | Current Account-Savings Account (C.A.-S.A.) Agents |
| D. | Corporate Agents |
| Answer» D. Corporate Agents | |
| 257. |
What is the Prime Purpose of Insurance-Regulation? Choose the Most Appropriate Answer. |
| A. | To ensure that, Rural Areas and Weaker Sections of Population gets the Adequate Insurance-Coverage. |
| B. | To ensure that, Insurance Companies generate the Sufficient Profits, so that, they can Survive in the Long- Term. |
| C. | To ensure that, Insurance-Cover is extended to All the Citizens of India. |
| D. | To Protect the Policy- Holders' Interests. |
| Answer» E. | |
| 258. |
Which One of the Following Bodies, can issue the License to work as Individual Agents, in India? |
| A. | Finance Ministry |
| B. | Government of India |
| C. | Life Insurance Corporation (L.I.C.) of India and General Insurance Corporation (G.I.C.) of India, Jointly. |
| D. | Insurance Regulatory and Development Authority of India (I.R.D.A.I.) |
| Answer» E. | |
| 259. |
Which One of the Following Bodies regulates the Banks in India? |
| A. | Reserve Bank of India (R.B.I.) |
| B. | Securities and Exchange Board of India (S.E.B.I.) |
| C. | Insurance Regulatory and Development Authority of India (I.R.D.A.I.) |
| D. | Association of Mutual Funds in India (A.M.F.I.) |
| Answer» B. Securities and Exchange Board of India (S.E.B.I.) | |
| 260. |
Which One of the Following Bodies, regulates the Capital Market in India? |
| A. | Reserve Bank of India (R.B.I.) |
| B. | Securities and Exchange Board of India (S.E.B.I.) |
| C. | Insurance Regulatory and Development Authority of India (I.R.D.A.I.) |
| D. | Association of Mutual Funds in India (A.M.F.I.) |
| Answer» C. Insurance Regulatory and Development Authority of India (I.R.D.A.I.) | |
| 261. |
Which One of the Following, is the Basic Insurance Legislation of the Country, that governs Insurance Business in India? |
| A. | Insurance Act, 1938. |
| B. | Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999. |
| C. | Deposit Insurance and Credit Guarantee Corporation Act, 1961. |
| D. | Public Liability Insurance Act, 1991. |
| Answer» C. Deposit Insurance and Credit Guarantee Corporation Act, 1961. | |
| 262. |
Insurance Agents, who hold the Licence to act as Agents for Both: Life Insurer, General Insurer, Health Insurer, and Each of the Two Mono-Line Insurers, are called --. |
| A. | Brokers |
| B. | Corporate Agents |
| C. | Third-Party Administrators (T.P.A.s) |
| D. | Composite Insurance Agents |
| Answer» E. | |
| 263. |
Third-Party Administrators (T.P.A.s) are Regulated, by Which of the Following Bodies? |
| A. | Life Insurance Council and General Insurance Council, Jointly. |
| B. | Insurance Regulatory and Development Authority of India (I.R.D.A.I.) |
| C. | Insurance Brokers Association of India |
| D. | Finance Ministry |
| Answer» C. Insurance Brokers Association of India | |
| 264. |
--- was established in the Year: 2000, as an In- Dependent Authority, to Regulate and Develop the Insurance Industry. |
| A. | Reserve Bank of India (R.B.I.) |
| B. | Securities and Exchange Board of India (S.E.B.I.) |
| C. | Insurance Regulatory and Development Authority (I.R.D.A.) |
| D. | Association of Mutual Funds in India (A.M.F.I.) |
| Answer» D. Association of Mutual Funds in India (A.M.F.I.) | |
| 265. |
Which One of the Following Bodies, has prescribed the Regulations for Protecting the Interests of Policy- Holders, stipulating the Obligations on Both: Insurers as well as Intermediaries? |
| A. | Life Insurance Council and General Insurance Council, Jointly. |
| B. | Policy-Holders' Association of India (P.A.I.). |
| C. | Insurance Regulatory and Development Authority of India (I.R.D.A.I.) |
| D. | Life Insurance Corporation (L.I.C.) of India and General Insurance Corporation (G.I.C.) of India, Jointly. |
| Answer» D. Life Insurance Corporation (L.I.C.) of India and General Insurance Corporation (G.I.C.) of India, Jointly. | |
| 266. |
Which One of the Following Acts, has the Provisions for Monitoring and Control of Operations of Insurance Companies? |
| A. | Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999. |
| B. | Deposit Insurance and Credit Guarantee Corporation Act, 1961. |
| C. | Public Liability Insurance Act, 1991. |
| D. | Insurance Act, 1938. |
| Answer» B. Deposit Insurance and Credit Guarantee Corporation Act, 1961. | |
| 267. |
If Insurance Firm accepts such Applicants, Who are at a Greater Than Normal Risk or are Not Insurable, but conceal or falsify the Information about their Actual Condition or Situation, so that, they get Insurance, then this will be known as --. Choose the Most Appropriate Option. |
| A. | Insurance-Screening |
| B. | Adverse Selection |
| C. | Underwriting-Lapse |
| D. | Proposal Re-View |
| Answer» D. Proposal Re-View | |
| 268. |
Insurance Act came into Effect, on --. |
| A. | 1st June, 1938 |
| B. | 1st July, 1938 |
| C. | 1st June, 1939 |
| D. | 1st July, 1939 |
| Answer» D. 1st July, 1939 | |